Aged transactions in a trading system

ABSTRACT

A method and system for aging orders, increasing securities market liquidity.

This application is a divisional continuation of U.S. patent applicationSer. No. 11/759,830, filed Jun. 7, 2007, which is hereby incorporated inits entirety by reference.

BACKGROUND OF THE INVENTION

All references cited in this specification, and their references, areincorporated by reference herein where appropriate for teachings ofadditional or alternative details, features, and/or technicalbackground.

FIELD OF THE INVENTION

The present invention generally relates to securities trading using acomputer network.

DESCRIPTION OF THE RELATED ART

Stocks, bonds, commodities, derivatives and other securities areprimarily handled through a number of trading systems. Through each ofthese systems the trader seeks the “best execution.” Under theInvestment Advisers Act of 1940, every registered investment adviser,such as Institutional Investors, in particular has a duty to obtain“best execution” on all securities transactions for their clients. “Bestprice” is only on factor in “best execution,” with other factors beingweighed in the mix such as execution capabilities, commission rate,financial responsibility, and responsiveness.

The most traditional system for trading securities is the stock exchangeexemplified by the New York Stock Exchange (“NYSE”) and the New YorkMercantile Exchange (“NYME”). The stock exchange has conventionally hadtwo primary functions: (1) the listing of securities; and (2) acting asa marketplace of its members to trade the listed securities. Besidesoffering the market a trading system, the stock exchanges have alsomanaged price information. In such exchanges, a single registered stockdealer who has a seat on the exchange(such as a registered stockspecialist) makes the market for each security. Buy and sell, or bid andoffer, prices are supplied by the dealer/specialist to the exchange andto brokers through the dealer/specialist's trading computer terminal.That is, trading on such exchanges is conducted through intermediarieson the floor of the exchange, with buyers and sellers not negotiating ortrading directly. Orders are matched by the dealer/specialist and thedealer/specialist confirms execution with the trading terminal and anautomated central order book. Security brokerage firms may use anautomated transaction system with such traditional exchanges formatching buy and sell orders for securities, such as the DOTS (“DirectOrder Transmission System”) of the New York Stock Exchange.

Another common trading system is made up of electronic exchanges whichutilize electronic access to dealer posted market prices without anegotiating specialist or floor-based exchange. In such system, dealers,known as “market makers,” trade a significant number of shares in astock in their own name, thereby proofing from the spread (i.e., thedifference between the price which they purchase shares and the pricefor which they sell them). Such market makers are often large financialinstitutions which bid and offer stock for their customers or forthemselves. Such system may be entirely computer-based. One of thelargest of the totally computer-based markets is NASDAQ (the “NationalAssociation of Securities Dealers Automated Quotation” market) which wasintroduced in 1971 which trades in over-the-counter stocks. The SOES(“Small Order Execution System) of NASDAQ permits complete electronicmatching of buyers and sellers.

A number of Alternative Trading Systems (“ATS”) have emerged since the1970s, the first being the ECN Instinet. These systems allowparticipants to trade listed securities among themselves without theneed to be a member of a stock exchange. Participants can enter theirbuy or sell orders into a computerized system that automatically checksof prices at which these orders can be matched. Interaction is directindependent of a broker, market maker or a specialist. An ATS is definedby Rule 300(a) of the Security and Exchange Commission's Regulation ATSas “[a]ny organization, association, person, group of persons, or systemthat constitutes, maintains, or provides a market place or facilitiesfor bringing together purchasers and sellers of securities or forotherwise performing with respect to securities the functions commonlyperformed by a stock exchange . . . [t]hat does not: (1) (s)et rulesgoverning the conduct of subscribers other than the conduct of suchsubscribers' trading on such organization, association, person, group ofpersons, or system; or (2) (d)iscipline subscribers other than byexclusion from trading.” The SEC under Regulation ATS (issued in 1998)requires ATS purveyors to register as either a market participant (e.g.,broker) or as an exchange.

A significant advantage of an ATS system is that it provides theaccessing of liquidity anonymously. The buyer and seller are anonymousto one another with trade execution reports listing the ATS as a party.The first indication that an ATS has orders on its book occurs after amatch is found. By avoiding intermediaries, a buy side trader avoids theperils of displaying its order to the street. For example, buy sidetrader can avoid a specialist buying/selling stock ahead of therequested order for a penny above its limit, and the broker shoppingaround the order and inevitably running the price in an unfavorabledirection because the buy side trader has shown its hand.

ATS systems include Electronic Communication Networks (“ECN”), CallMarkets, Matching Systems, and Crossing Networks (“CN”). A CrossingNetwork is a system defined by the SEC as allowing participants to enterunpriced orders to buy and sell securities and that crosses orders atspecified times at a price derived from another market. That is, itreferences systems that match orders at the broker-dealer using pricesfrom an exchange, without actually sending the order to a public venue.An ECN, arising in the marketplace around 1998, is defined by the SEC aselectronic systems that widely disseminate to third parties ordersentered by an exchange market maker or OTC market maker and permit suchorders to be executed against in whole or in part. ECNs typically arecentralized, computer-based order matching systems that display bids andoffers of subscribers to the ECN and automatically match subscriberorders if bids match offers, otherwise, the best prices are posted onNASDAQ to compete with the market makers. The ECN matches contra-sideorders typically with the same price and share count A traditional ECNwill post unmatched orders on the system for other subscribers to view.The only securities traded on ECNs are liquid, registered securitieswhich trade in significant volumes and are listed on traditionalexchanges or broker networks such as NASDAQ. ECNs make a profit frompaying liquidity providers a credit while charging a debit to liquidityreceivers. A Call Market (“CM”) is an auction market where orders aregrouped until they reach a certain amount, and then executed together ata predetermined time. Electronic Trade Matching Systems do the samething the brokers did earlier—get buyers and sellers together so thatthey can deal at a price acceptable to both of them and publish theseprices in real-time. At the center of this system is an order book whichstores the buy and sell orders that have been received for the variouslisted stocks. There are usually different order books for differenttypes of trades. For example, the option trading market will have adifferent order book from the equity cash market

Non-ECN ATSs are generally electronic and service institutional markets.They include: NYSE crossing sections, Posit (ITG, Inc.), Liquidnet,Tri-Act (ITG, Inc.) and NYFIX Millennium. Some systems, such as NYFIX'sMillennium and ITG's TriAct permit “Pass-Through” orders, with thePass-Through ATS allowing for transaction on the order if a contra-orderexists on its system, while passing-through the order to another tradingsystem, such as a conventional exchange, if contra-order is notavailable on its system. In this regard, a Pass-Through ATS does notposition itself as the final destination of a Pass-Through order. Thisis in opposition to most traditional markets that are “sticky,” that is,when a specialist receives the order there is an effort to avoid sendingthe order elsewhere. Such Pass-Through ATS systems further “internalize”their customer order flow in the sense of pairing off buyers and sellersand executing the trade.

Trade orders may be specified with multiple attributes, such as priceand time-in-force. Time-in-force defines the length of time over whichan order is transactable upon before it is cancelled. Time-in-forceorders include, without limitation, orders such as the Day Order(“DAY”), the Good-til-Date (“GTD”) order, the Good-Till-Canceled (“GTC”)order, the Immediate-Or-Cancel order, and the Fill-or-Kill (“FOK”)order. A Day Order (“DAY”) is an order that terminates automatically atthe end of the business day if it has not been filed. A Good-til-Date(“GTD”), on the other hand, is a perpetual order only terminated by anexecution or arrival of a user specified date; while theGood-Till-Canceled (GTC) order typically lasts for a set period of time,for example 30 days, and remains until it is either executed or untilthe profferror chooses to cancel it. An Immediate-Or-Cancel (“IOC”)offer requires immediate transaction on the offer with execution of asmuch of the order as possible, with the remainder of the offer beingcancelled if immediate transaction does not occur. Similar to an IOCorder is the Fill-or-Kill order (“FOK”), a trade offer submitted forimmediate execution in whole against standing counter offersImmediate-Or-Cancel (“IOC”) orders and “FOK” orders may be characterizedas Immediate Execution Orders (“IEO”), that is orders that are cancelledif immediate execution at the ultimate trading site is not completed. Onthe other hand, Non-Immediate Execution Orders (“NIEO”), such as a DAY,GTC or GTD, in the fact of being held on the book of the matching enginefor a period of time and being subject to multiple execution checksallow for multiple matching cycle exposures. Orders may also be definedby the trade level in force, for example, without limitation, as theStop Order (“SO”) or the Limit Order (“LO”). A Stop Order (“SO”) is anorder that trades after a specified price level has been reached. ALimit Order (“LO”) is an order to execute a transaction only at aspecified price (the “limit”) or better, with a limit order to buy beingat the limit or lower, and a limit order to sell being at the limit orhigher. Trade Level orders, such as the Stop Order (“SO”) and LimitOrder (“LO”) may also constitute time-in-force orders, that is they maybe time limited like a DO or GTC order. Of course, the field has manyother types of orders defined by their limiting parameters.

Traders using ATS trading systems often submit Immediate ExecutionOrders (“IEO”) such an IOC or FOK. As explained above, submission of anIOC or FOK type order will be cancelled if the return is a null matchingcycle, that is, if the single pass through the ATS registry of residentorders fails to find any matching trade. Unlike a FOK-type order whichseeks a complete trade of the entire offer, IOC type orders pursue tradefor any portion of the offer, up to and including the entire quantity ofshares. A single pass of the matching cycle, nevertheless, may proveinsufficient if a matching offer for the partial trade is not found.Cancellation with respect to an immediate execution order (e.g., an IOCor FOK order) may be made from the ATS system to its client, or if thesystem is being used as a Pass-Through Exchange, after the immediateexecution order (e.g., an IOC or FOK order) order passes-through itsultimate destination, such as a conventional exchange (that is, if theATS system can not find a match). Failure to make a trade within thedefined parameters of an order is an undesirable outcome for any trader.

Outside the current “black box” of Alternative Trading Systems,merchandise in the securities market is advertised within select groupsof institutions interested in finding liquidity for large block tradeswith minimal market impact. This targeted advertising is accomplishedusing Indications-of-Interest (IOIs) disseminated to eligible parties tofoster interest and ultimately seek trade of the advertised securities.An indication of interest (“IOI”), is an expression of intention to buyor sell securities broadcast by broker-dealers to it's institutionalcounterparties. It may be compared to an unsolicited quote. The IOItypically states the name of the security, the size of the trade and theprice. This information is distributed with the intent of finding anopposite party for the transaction, thus creating a natural tradeexecution. IOIs are advertised to stimulates contra-flow interest.Contra-flow is a stream of trade orders back to the originating system.An IOI may prompt an institutional user of the system to react to anorder with contra-flow that would not have existed other than due to theterms and size of trade advertised in the IOI.

While ATS systems are known for their fast speed in transaction, thepresent inventors have recognized that the current system set up of anATS, and in particular non-ECN ATS systems, particularly non-ECN ATSPass-Through Systems, are not optimized for making trades with respectto Pass-Through orders and immediate execution orders (such as IOC andFOK orders). The present inventors have developed methods and systemsthat allow for the generation of IOIs with respect to particularsecurities from an aggregate of pass-through orders of any type,including immediate execution orders (“IEO”), within a Pass-Throughsystem and within the very small time frame permitted for executing uponsuch orders and canceling them or passing them through to their ultimatedestination. Such methods and systems allow for more executions uponpass-through orders and immediate execution orders (such as IOC and FOKorders) within the confines of the ATS system than previously possible,therefore improving liquidity in transactions.

SUMMARY OF THE INVENTION

There is provided herein exemplary embodiments directed to the aging oftrade orders, and the generation of indication-of-interests within theaging period.

In one embodiment, there is disclosed a method for generating anindication-of-interest (“IOI”) with respect to a particular security inan Pass-Through Alternative Trading System (“ATS”), and transacting uponcontra-flow with respect to said Indication of Interest (“IOI”), saidmethod comprising the steps of: obtaining at least one pass-throughorder and/or immediate execution order to buy or sell a particularsecurity within a price range having an ultimate destination other thanthe alternative trading system initially receiving it; aging thepass-through order(s) and/or immediate execution orders for a period oftime before passing through the pass-through order to its ultimatedestination or canceling the order; if a preset trade amount of aparticular security is attainable from said pass-through orders orimmediate execution orders during their aging period, generating fromone or more of said pass-through orders and/or immediate executionorders that are executable within an advantageous spread to thealternative trading system at time x, an IOI to buy or sell a specifiedamount of the particular security in a specified price range;transmitting the IOI to one or more of IOI subscriber(s) to the ATSsystem; upon receipt of contra-flow from one or more IOI, transacting ata time y upon at least a portion of the IOI during the aging period ifcontra-flow is received when the spread is favorable to the ATS, andcanceling any remaining portion of the indication-of-interest nottransacted upon after the aged period of time. The step of generatingthe indication-of-interest may be subsequent to a failure of one or moreorders resulting in the indication-of-interest to be satisfied in theATS system. The ATS system may be a non-ECN ATS system. The ATS systemin which said method is performed may be configured to prohibit displayof security interest or orders to a user of the system.

In another embodiment, there is disclosed a computer-enabled systemdesigned to generate an indication-of-interest with respect to aparticular security in an pass-through alternative trading system(“ATS”) designed to transact upon a securities order to buy or sell,comprising: a user module operatively configured to transmit apass-through order to buy or sell a particular security within a pricerange from a user; a database operatively connected to said user moduleconfigured for holding a plurality of pass-through orders to buy or sella particular security within a particular price range generated by oneor more of said user modules; a timer module operatively connected tosaid data base, said timer module configured to permit and to controlaging of said pass through orders; a transaction module operativelyconnected to said database, said transaction module configured togenerate an indication-of-interest with respect to a particular securitybased upon the aggregation of two or more of said pass-through orders,said indication-of-interest being transactable upon within a periodpermitted by said controlled aging of said pass-through orderscontributing to the indication-of-interest if contra-flow is receivedwhile the IOI is within a favorable spread to the ATS.

Further, there is disclosed a system for controlling the aging ofpass-through orders to buy or sell a particular security within a pricerange, said system comprising: a database configured for holding aplurality of pass-through orders to buy or sell a particular securitywithin a particular price range; and a timer module operativelyconnected to said data base, said timer module configured to allowvariable aging times of said pass through orders.

BRIEF DESCRIPTIONS OF DRAWINGS

Embodiments of the invention are illustrated in the accompanyingdrawings in which:

FIG. 1 is a block diagram illustrating an exemplary embodiment of asecurities trading system; and

FIG. 2 is a process diagram illustrating an exemplary embodiment of agedorder processing in a transaction system.

DETAILED DESCRIPTION OF THE INVENTION

There is disclosed in embodiments herein an aged order transactionsystem and method that allows increased liquidity of securities tradedon a computer network. Such embodiments electronically disseminate IOIswithin the aged pass-through order and/or immediate-execution orderexpiration time to solicit contra-flow. Such embodiments allow for thesolicitation of contra-flow with the short life of the pass-throughand/or immediate execution order with no human interaction.

In one embodiment, the system and methods comprise a pass-through order,or an immediate-execution order (such as an IOC or FOK order) which areaged for a period of time before pass-through or canceling the order.Aging may be on the order of milliseconds, for example, about 25milliseconds to 800 milliseconds, or about 50 milliseconds to 600milliseconds, or about 75 milliseconds to about 400 milliseconds. Duringthe aging process, it is determined whether one or more suchpass-through orders and/or immediate-execution orders can be aggregatedto form an indication-of-interest (IOI) with respect to a particularsecurity that may be passed along to MI subscribers, such asinstitutional investors. In an advantageous embodiment the MI istransactable upon when a contra-flow order is received during a periodin which the MI is in a favorable spread to the generator of the IOI.The generator of the IOI may be an ATS trading system, for example, anon-ECN ATS trading system. IOI subscribers may be institutionalinvestors which have subscribed to receive and transact upon IOIs fromthe ATS trading system.

System embodiments may comprise an ATS, and in particular a non-ECN ATS,which acts as a pass-through portal to other sites, such as an exchange.Method embodiments may be run on such ATSs. Method embodiments may beimplemented by software means, or by a combination of software andhardware components. Securities that may be traded using such embodimentmethods and systems may include, without limitation, stocks, bonds,futures and options. Security trade orders may include, withoutlimitation, orders to buy or orders to sell such securities on acomputer network, such as for example a private network, or a widelydisseminated public network such as the Internet.

In certain embodiments, the aged order technique is applied on anAlternative Trading Systems (ATS). As discussed above, AlternativeTrading Systems operate on a black box paradigm, wherein orders are notdisplayed, insuring market anonymity. Such systems may include multiplecomputers or machines, acting in concert with one another. Such systemsmay further include multiple computer networks operating together toeffectuate a securities trade. Machines, processors, servers and thelike may be utilized in the ATS, and system embodiments describedherein, may be virtual, and may be implemented in software to varyingdegrees, in one or more locations.

In an embodiment, a method is provided to allow orders that wouldotherwise be immediately passed-through an ATS unless a contra-ordermatch was found in the ATS system to be aged sufficiently long to allowfor an Indications-of-Interest (IOIs) to be formulated. In suchembodiment, an IOI is generated if one or more aged orders can beaggregated sufficiently to meet a minimum threshold level of orders withsimilar trading restrictions within the aging period. The ability of apass-through ATS to generate an IOI before passing-through the order toits final destination increases the likelihood that the order can betransacted upon within the milieu of the ATS. The aging feature may beaccomplished through an expiration timer operatively configured to keepthe order alive in the matching engine's book for the duration set bythe timer. The expiration timer may comprise software, or a combinationof software and hardware components.

In embodiments, participation in a trade via the IOI may extend beyondthe local ATS network to facilitate execution of a trade. Execution of atrade may include communication across a network via a standardizedprotocol, such as for example the Financial Information Exchange (FIX)protocol (a vendor-neutral standardized message format, session-based,protocol for describing real-time security transactions which is ownedand maintained by FIX Protocol Ltd.). Participants in a trade may existon separate ATS networks communicating over a link supported by asession implemented from a protocol, such as for example a FIX protocol,wherein the session is a FIX session.

In one embodiment, matching orders are exposed to one or more matchingcycle. The order, which may be a conditional order, can carry the IOCvalue in the TimelnForce FIX field (59=3), (that is, wherein “3”represents “Immediate-or-Cancel”), to which the ATS attaches aconfigurable system-wide “short” expiration timer. Short, may includewithout limitation timers on the order of one second, or timers on theorder of fractional seconds, such as five hundred milliseconds. Theduration of the timer may be variable.

In an alternative embodiment, matching orders may be exposed to one ormore matching cycles. The order, which may be a conditional order, cancarry the IOC value in the TimelnForce FIX field (59=6), that is wherein“6” represents “Good-till-Date”), equivalent to a Good-Till-Date (GTD);wherein the ExpireTime (FIX tag 126) has “today” as the date and “now”as the time (where “now” is the time the ATS receives the order), plusthe configurable timer as the time.

Pass-Through orders, as immediate execution orders, may be aged byattaching an expiration time to the order, keeping it live in thematching engine's book for the duration of the timer, and generating anIOI to solicit contra-flow. The IOI process could also be used for otherorder types such as DAY orders, simply by attaching an expiration timerto the order and generating an IOI from DAY orders which allow for aminimum level of trade of a particular security with similar transactionrequirements. Such IOIs are advantageously consumed by automated “blackbox” programs with no possibility of human interaction, wherein onlyrouting decisions are made (i.e., decision to send an order and where),but not trading decisions (i.e., the decision to buy or sell asecurity).

Further to the forgoing embodiments, Indications-of-Interest (IOIs) thatmay result from the aged immediate-execution order flow, such as IOCflow, or pass-through orders, may be targeted to computer programs,primarily “dark algorithms”, that can interact with multiple executionvenues, such as for example Electronic Communication Networks (ECNs),exchanges, ATSs, and internalization engines. All features may beenabled together or separately from one another over the same session,such as a FIX session.

FIG. 1 illustrates one embodiment of an ATS; wherein anIndication-of-Interest 109 is provided to induce contra-flow orders.Participant A 101, and Participant B 103, communicate via a FIX session102. A FIX session is communication layer that manages the transport oforder messages based on the standard of the FIX protocol. The FIXprotocol is a paradigm for communications format, whereby tradingparties agree on specific usage and content of fields subject to theguidelines and definitions provided within the specification. A FIXsession, guarantees that messages are delivered in the order in whichthey are sent and can be defined as a bi-directional stream of orderedmessages between two participants. The protocol is supported by FIXengines at each participant.

Participant A 101 and Participant B 103 operate to provide pass-throughorder matching execution for a market. The system of Participant A 101includes an Order Management System 106, a FIX engine 108 and theprocessor configured to manage communications with another participant.Likewise, Participant B 103, may have similar means and subsystems, suchas Order Management 112 and FIX engine 110. An offer 104, presented toParticipant A 101, may generate an Indication-of-Interest 109 andresulting Contra-Flow 115, in a effort to execute the offer communicatedby pathways 105, 107, 111, and 113. If a matching offer 114 exists andis communicated to Participant B 103 during the life of the agedconditional order, the Contra-Flow 115 may result in matching cycleexecution success. Communication pathways 105, 107, 111, 113, and FIXsession 102 may also provide for order execution confirmations, such asmay occur, if a matching cycle results in a successful trade.

FIG. 2 illustrates a process diagram of an exemplary trading transactionfor a security known as IBM. Providing a market 200 where IBM is tradingat 95.58 to 95.60 dollars per share, client A 202 sends a BUY order 210for 1000 IBM shares at 95.58 dollars per share. The order is issued andaccepted as an IOI DAY Order 212 to the market participant 208, forexample Millennium®, for execution at 95.58 or better. One matchingcycle 214 is executed in response to the order but returns with nomatches (null). IOI eligible clients 220 received an IOI 218 for a BUYorder 216 of 1000 IBM shares from the market participant 208. Client B204 generates a BUY order for 2000 IBM @ MKT 222 and sends the IOC order224 to market participant 208; where a matching cycle 226 is executedand returns no matches (null). The market participant 208 system setsthe IOC BUY timer 228 to five hundred milliseconds and cancels 230, theforgoing BUY 1000 IBM IOI 218. IOI eligible clients 220′ receive a newIOI 234 for a BUY 3000 IBM 232 from the market participant 208 system.Prior to the expiration 250 of the IOC timer on the market participant208 system, an algorithm 236 captures the BUY 3000 IBM at Client C 206and sends an IOC Order 240 as a result of the offer 238 SELL 3000 IBMshares at $95.60 per share, whereby market participant 208 executes asuccessful matching cycle 242 providing Client B and Client C trades of2000 shares at 95.60 dollars per share. The market participant 208 setsan IOC SELL timer 252 to expire in five hundred milliseconds, cancels254 the outstanding BUY 3000 IBM IOI 234. IOI eligible clients 220″receive an IOI 258 for a SELL 1000 IBM order 256 and IOI eligibleclients 220′″ receive an IOI 264 for a BUY 1000 IBM order 262, prior tothe expiration 268 of the SELL timer. After expiration 268 of the SELLtimer, the market participant 208 cancels 270 the outstanding IOI 258for the SELL order of 1000 IBM shares. The BUY 1000 IBM IOI remainsoutstanding as long as the DAY order from Client A 202 remains connectedto market participant 208 and the order is marketable.

The combination of aged immediate-execution order flow and pass-throughorders, and the resulting IOIs generated therefrom by the methods andsystems described above, offers algorithmic and other computerizedproviders of order flow a powerful mechanism to interact with liquidity,taking advantage of ATS anonymity, speed and quality of execution.

STATEMENT REGARDING PREFERRED EMBODIMENTS

While the invention has been described with respect to the foregoing,those skilled in the art will readily appreciate that various changesand/or modifications can be made to the invention without departing fromthe spirit or scope of the invention as defined by the appended claims.

1. A computer-enabled system designed to generate anindication-of-interest with respect to a particular security in anpass-through alternative trading system (“ATS”) designed to transactupon a securities order to buy or sell, comprising: a user moduleoperatively configured to transmit a pass-through order to buy or sell aparticular security within a price range from a user; a databaseoperatively connected to said user module configured for holding aplurality of pass-through orders to buy or sell a particular securitywithin a particular price range generated by one or more of said usermodules; a timer module operatively connected to said data base, saidtimer module configured to permit and to control aging of saidpass-through orders; and a transaction module operatively connected tosaid database, said transaction module configured to generate anindication-of-interest with respect to a particular security based uponthe aggregation of two or more of said pass-through orders.
 2. Thecomputer-enabled system of claim 1 wherein said indication-of-interestgenerated by said transaction module is designed to be transactable uponwithin a period permitted by said controlled aging of said pass-throughorders contributing to the indication-of-interest if contra-flow isreceived while the IOI is within a favorable spread to the ATS.
 3. Thecomputer-enabled system of claim 1 wherein said user modules arecomputer systems driven by ATS connective software.
 4. Thecomputer-enable system of claim 1 wherein said timer module is asoftware instruction set configured to generate an IOI.
 5. Thecomputer-enabled system of claim 1 wherein said transaction module is asoftware instruction set configured to transact upon an IOI.
 6. Thecomputer-enabled system of claim 1 wherein the pass-through order is aGTD order.
 7. The computer-enabled system of claim 1 wherein thepass-through order is a GTC order.
 8. The computer-enabled system ofclaim 1 wherein said transaction module is further operativelyconfigured to transmit the indication-of-interest to one or more IOIsubscribers to the ATS system.